LGI Homes files for $125 million IPO as U.S. housing market recovers
(Reuters) - Homebuilder LGI Homes Inc filed with U.S. regulators on Wednesday to raise up to $125 million in an initial public offering, at a time when the recovery in the U.S. housing market picks up pace.
LGI Homes started in 2003 and currently builds entry-level homes that are priced between $115,000 and $260,000 in Texas, Arizona, Florida and Georgia.
U.S. homebuilder confidence neared an eight-year high in August as strong demand for and the limited supply of new and existing homes outweighed higher mortgage rates, data from the National Association of Home Builders showed.
LGI Homes' revenue nearly tripled to $143.4 million in 2012 from 2010, the company said in a filing with the U.S. Securities and Exchange Commission. (link.reuters.com/tyt62v)
The Woodlands, Texas-based company said it revenue has grown at a compound annual rate of 61 percent since 2010.
LGI Homes sold 1,062 homes in 2012, almost 2.5 times higher than 2010. It has sold over 5,000 homes since 2003.
The filing did not reveal how many shares of common stock the company planned to sell or their expected price.
The company intends to list its common stock on the Nasdaq under the symbol "LGIH".
It said Deutsche Bank Securities, JMP Securities, JP Morgan, Barclays, Bank of America Merrill Lynch and Builder Advisor Group were underwriting the IPO.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
(Reporting By Varun Aggarwal in Bangalore; Editing by Savio D'Souza)
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